Wrong choice of leaders this May election may impact on the economy, says Palace

Wrong choice of leaders this May election may impact on the economy, says Palace

MANILA, Philippines — The Filipino public must make the right choice this coming May polls to sustain the economic gains by the administration and avoid reverting back to uncertainty, a Palace official said.

Standard & Poor Ratings Services affirmed the the country’s ‘BBB’ long-term and ‘A-2’ short-term sovereign credit ratings of the Philippines citing the country’s strong external position, its big foreign reserve and low external debt.

But Standard & Poor’s warned that the country’s ratings could drop if there is a slow down in the government reform agenda or reverse the current economic gains.

The Philippines has obviously improved its credit standing and this reflects in the domestic loans that became favorable to consumers, Undersecretary Manuel Quezon III of the Presidential Communications Development and Strategic Planning Office (PCDSPO) said in a radio interview Saturday.

“At kung sinasabi na investment grade ang Pilipinas. Ibig sabihin ‘nun may tiwala din ang merkado sa lahat ng mga Pilipino at dahil bahagi tayo ng pambansang ekonomiya,” he told dzRB Radyo Ng Bayan.

Standard & Poor’s is right in its cautioning note because the country strived hard to attain such high credit rating, Quezon said.

“Ito ay naidulot dahil nagkaroon tayo ng fiscal prudence, maayos ang paggastos, pag-handle ng salapi ng sambayanan at responsable ang mga patakaran ng gobyerno,” he said.

As the new administration takes office in the middle of this year, Quezon said it is free to alter, reverse or amend the existing economic government policies.

The country’s high ratings isn’t infinite and they must be nurtured and protected because they are based on a track record. And if these ratings are taken for granted, there will be consequences, he said.

“So, it’s a timely reminder to all of us to vote on the basis of a responsible frame of mind,” Quezon said. PNA/northboundasia.com